I write this after reading of the long-anticipated tariff slap the Bushco circus put on paper imports from the People's Republic recently -- and while announcing it, not dispelling notions of more such moves to come.
Important development? Not especially, but here's an inner story that might be, as told to us by the Gray Lady:
http://www.nytimes.com/2007/03/31/business/31trade.html?_r=1&th&emc=th&oref=sloginYup -- and it's far more than just "aggravate" -- but:Some lawmakers... complain bitterly that China unfairly ties its currency to the dollar which aggravates the trade imbalance....
American officials say there is no thought being given to citing currency policies as a form of subsidy....Not gonna call 'em on it? Even after gentle Ben already did? "Why for heaven's sake not?" -- as the late Jack Benny might have said.
For one thing, because the numb-nutz over at the DOC (donkey occupied Congress) for various and quite sundry reasons aren't pushing this "key" to the crisis. Start with Sander Levin of Michigan, chairman of the trade subcommittee of the House Ways and Means Committee: Hey Sandy, you stilted little fuckwit, where's the forex fiddle fit into your plans for saving the domestic auto industry?
Now let me tell you, forcing a revaluation on China would indeed be "world historical" and in the full Hegelian sense. Who knows -- might even begin a process that could turn around our 33-year industrial nosedive.
But don't hold your breath.
